Business newsNGX ASI surpasses 68,000 mark by admin September 9, 2023 written by admin September 9, 2023 Bookmark 5The Nigerian Exchange Limited (NGX) achieved a significant milestone on Monday as its All-Share Index (ASI) surged to an unprecedented level of 68,279.14, representing 1.11percent increase. This achievement surpasses the previous record of 66,371.20 points set on March 5, 2008, following a prior all-time high of 66,490.34 points.The impressive performance was primarily attributed to the remarkable surge in banking stocks, with leading financial institutions such as Zenith Bank and GTCO leading the charge.Read also: NGX Group to pay interim dividend to shareholdersInvestors strategically positioned themselves to capitalize on the recent impressive earnings reports released by select banks over the weekend. Additionally, the demand for shares in BUA Foods contributed to this positive market sentiment.As a result of this surge, the market capitalization experienced a notable increase of N411 billion, closing at N37.369 trillion compared to the previous figure of N36.958 trillion. This remarkable performance pushed the year-to-date (YtD) return to an impressive 33.22percenr.Despite this overall positive trend, sectoral performance within the market was mixed. The Banking Index, boasting a significant gain of 5.65percent, was at the forefront, driven by strong performances from Zenith Bank and GTCO. The Consumer Goods Index also posted gains at 1.57percent, while the Insurance (-2.81percent) and Industrial Index (-0.14percent) faced losses. Meanwhile, the NGX Oil and Gas Index remained stable.Read also: NGX ASI hits 15-year highMarket activity witnessed a substantial uptick, with trading volume surging by 67.88percent to 845.680 million units, and the value of stocks traded increased by 88.56percent to reach N13.03 billion. This was evident in 11,934 deals, compared to the previous session’s 503.74 million units, N6.91 billion in value, and 7,606 deals.Notably, Zenith Bank led the activity chart with 75.411 million shares sold, valued at N2.79 billion. GTCO followed closely with the sale of 54.80 million shares worth N2.20 billion, while Dangote Sugar transacted 20.85 million shares valued at N1.38 billion.Analysts reacted to this strong market performance by attributing it to recent corporate actions. They anticipate that investors will continue to selectively invest in fundamentally strong stocks.Read also: NGX admits DMO’s N130bn SukukHowever, they also acknowledge the possibility of profit-taking activities on stocks that have seen notable appreciation in recent weeks. Despite these considerations, analysts recommend that investors seek trading opportunities in fundamentally sound stocks, given the ongoing challenges posed by the weak macroeconomic environment on corporate earnings. 0 comment 0 FacebookTwitterPinterestEmail admin Follow Author previous post 100 days of overhauling Abia next post Ogun LG imbroglio spotlights collapse of grassroots governance You may also like Stephen A. Smith vs. Terrell Owens feud, explained:... September 21, 2023 Bookmark Sport | Cape Town Spurs plunge deeper into... September 21, 2023 Bookmark News24 | ANC defeats bill DA proposed as... September 21, 2023 Bookmark News24 | ‘Missing middle’: Nzimande to propose alternative... September 21, 2023 Bookmark News24 | FIRST TAKE | Springbok Nuke Squad... September 21, 2023 Bookmark News24 | Ben Gumbi’s murder was gruesome and... September 21, 2023 Bookmark News24 | Ukraine’s Zelenskiy tells UN General Assembly:... September 21, 2023 Bookmark News24 | EU yanks funding for the Zimbabwe... September 21, 2023 Bookmark News24 | Nienaber ‘comfortable with risk’ of 7/1... September 21, 2023 Bookmark Sport | Heartbroken George Russell can’t stomach ‘horrendous... September 21, 2023Leave a Comment Cancel ReplySave my name, email, and website in this browser for the next time I comment.